President calls for new climate finance goals that align with the true scale of climate change

President Dr. Mohamed Muizzu, delivering Maldives' national statement at the Plenary of 29th Session of the Conference of Parties (COP29) of the United Nations Framework Convention on Climate Change (UNFCCC), has called for the urgent need for a new climate finance goal that aligns with the true scale of the climate crisis.

Stressing that the "need is in trillions, not billions," President Muizzu called for increased global financial commitments to address climate adaptation, mitigation, and loss and damage, especially for vulnerable nations.

He also highlighted the unique challenges faced by Small Island Developing States (SIDS), the President stated that Maldives is a nation of extraordinary fortitude. He further said that it is lack of finance that inhibits the ambitions of SIDS like the Maldives and called for the updated climate finance framework to prioritise both current needs and future resilience.

Speaking further, he reaffirmed the Maldives’ dedication to climate action, emphasising that its environment and oceans are integral to the nation’s cultural identity and must be preserved as a “sacred duty.”

However, the biggest obstacle in this work and achieving its goals is the lack of financial assistance, he said.

Reflecting on the Maldives’ role in climate advocacy, President Dr Muizzu noted the nation’s progress on sustainability, including a new Energy Policy, green initiatives for food security and housing, and economic diversification efforts. He also announced a forthcoming 20-year vision, setting a blueprint for a climate-resilient Maldives by 2040.

In his closing remarks, the president urged global leaders to reprioritise financial allocations, pointing out the disparity between funds allocated for climate adaptation and other global expenditures such as wars.

Committed to securing a strong financial outcome at COP29, he called to “choose the path that changes lives, not the climate”.

As per the President's Office, President Muizzu will speak at the COP29 Summit which will be held from today until the 22nd of this month, and attend various high-level events and discussions. He will also meet with other heads of states during the event, the Office said.

The Maldivian government further said that the COP29 is a significant opportunity for Maldives to highlight its efforts towards sustainable development goals and adapting to climate change.

President Dr. Mohamed Muizzu attended the COP28, held last year as well. At the time President Muizzu spoke about the challenges Maldives faces with climate change, and shared the country's plans to overcome them.